Cadence Design Systems Price Target Increased to $21.00 by Analysts at Piper Jaffray Cos. (CDNS)
Piper Jaffray Cos. hoisted their target price on shares of Cadence Design Systems (NASDAQ:CDNS) from $19.00 to $21.00 in a research note issued on Thursday, American Banking News.com reports. The firm currently has an “overweight” rating on the stock. Piper Jaffray Cos.’s price target indicates a potential upside of 64.19% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Needham & Company downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note to investors on Thursday. Separately, analysts at DA Davidson upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, September 12th. They now have a $16.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, August 5th. They now have a $17.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $17.50.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 1.69% on Thursday, hitting $12.79. The stock had a trading volume of 6,551,728 shares. Cadence Design Systems has a 1-year low of $11.61 and a 1-year high of $15.96. The stock has a 50-day moving average of $14.06 and a 200-day moving average of $14.21. The company has a market cap of $3.632 billion and a price-to-earnings ratio of 8.14.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings data on Wednesday, October 23rd. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. The company had revenue of $367.00 million for the quarter, compared to the consensus estimate of $367.03 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts predict that Cadence Design Systems will post $0.86 earnings per share for the current fiscal year.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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